Apache Corp. - APA - Weekly Chart
The weekly chart illustrates that APA has spent the last year in a wave 3 to 4 correction. In June of '06 APA hit the long term uptrend when it placed a low of $56.28. APA then made an irregular flat when it went to retest this year's lows at $59.04 during the month of September, (which also happens to be a wave i to wave ii pullback. APA has then been moving up steadily ever since the retest off of the lows on strong volume which is also the supporting the stock's price. In addition, you can see that the moving averages are beginning to converge/crossover meaning there is support at current prices and that a move upwards is in the works. The indicators and oscillators are showing bullish divergence. APA may be in the process of forming an ascending triangle on the weekly chart. APA closed the week with a gain of 6.72% and closed at $69.55. Note the clear bullish candlestick. APA is an investor trade, meaning that it is meant to be held for 3 to 6 months or until price target is reached at $72.00.
EnCana Corp. - ECA - Weekly Chart
The weekly chart of ECA illustrates that, it too, is also in the process of forming an ascending triangle. ECA trades with a P/E of 6.15 and presents itself as a good value and fundamental play. If this is what you are looking for, you may want to start building a position in this low P/Estock. ECA has been moving up steadily ever since it retested it lows this year at $42.75. You can also see that steady volume, showing accumulation, has been supporting the stock's price since the beginning of October '06. In addition, you can see that the moving averages are beginning to converge/crossover meaning there is support at current prices, and that a move upwards is in the works. Furthermore, the indicators and oscillators are moving upwards along with price. ECA closed the week with a gain of 3.16% and closed at $52.55. ECA is a lower risk investor trade, meaning that it is meant to be held for 3 to 6 months or until price target is reached at $70.00.
EOG Resources, Inc. - EOG - Weekly Chart
Like ECA, EOG also presents itself as a possible value play with a P/E of 11.47. Again, as with the aforementioned stocks, EOG is also in an ascending triangle pattern. Within that triangle pattern you can see a secondary continuation diamond pattern. By looking at the volume, you can see that EOG has been under steady accumulation since the end of September. The Aroon indicates some whipsaw action in the stock, but the rest of the indicators and oscillators are bullish. EOG closed the week with a gain of 1.67% and closed at $70.63. EOG is also a lower risk investor trade, meaning that it is meant to be held for 3 to 6 months or until price target is reached at $95.00. It is still trading close to it's entry trigger at $70.20.
Sunocor Energy, Inc - SU - Weekly Chart
SU is also in an ascending triangle pattern on the weekly chart. It has completed it's wave 3 to 4 correction for this year, and it held it's uptrend line. SU may break it's intermediate term down trend line this week. It too, has been under heavy accumulation since the end of September, and you can see the volume illustrating this on the chart. The Aroon remains in a bearish trend reversal on the weekly chart. Nevertheless, the other indicators and oscillators are beginning to reverse upwards, although they are still in a bearish trend reversal. SU closed the week with a gain of 3.12% and closed at $79.04. SU is also a lower risk investor trade, meaning that it is meant to be held for 3 to 6 months or until price target is reached at $100.00. It is still trading close to it's entry trigger at $77.60.
Ultra Petroleum Corp. - UPL - Weekly Chart
Last, but not least, we get to the weekly chart of UPL. Again, as with the aforementioned stocks, UPL is also in an ascending triangle pattern. However, it is not a value play with a P/E of 34.52. It is a high beta / fast moving oil stock. It a favorite momentum play in this sector. The Aroon remains in a bearish trend reversal on the weekly chart. Nevertheless, the other indicators and oscillators are beginning to reverse upwards. UPL closed the week with a nice gain of 5.63% and closed at $54.20. UPL is a medium risk investor trade, meaning that it is meant to be held for 3 to 6 months or until price target is reached at $75.00.
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